SYDNEY – Oil prices fell more than one per cent to below US$61 yesterday after mounting losses in Asian stock markets stoked concerns over economic growth, prompting investors to pull back from riskier assets.
US crude was down 66 cents to US$60,98 a barrel by 0746 GMT, extending Friday’s 36-cent drop – the market’s first fall after a seven-session rally built on signs of shrinking US petrol stockpiles and Iran’s standoff with the West. London Brent crude fell 68 cents to US$61,40.Oil, which rose half a dollar last week as traders shrugged off the turmoil that hit other markets, appeared yesterday to be succumbing to the global flight from risk that caused US stocks to suffer their worst week in over four years.Nampa-AFPLondon Brent crude fell 68 cents to US$61,40.Oil, which rose half a dollar last week as traders shrugged off the turmoil that hit other markets, appeared yesterday to be succumbing to the global flight from risk that caused US stocks to suffer their worst week in over four years.Nampa-AFP
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